Yahoo Finance autos reporter Pras Subramanian examines Tesla CEO Elon Musk's acknowledgement of Hyundai and Kia's rising sales figures within the EV space.
None of this is great news for truck maker Ford Motor Company (NYSE: F), which needs a healthy economy to support consumers buying more of its trucks -- and there's even more bad news today, "helping" to drive Ford shares down 2.1% (as of 1:05 p.m. ET). Specifically, Ford seems intent on taking a page from Tesla's playbook, and shifting its sales model to permit customers to buy Ford's new line of electric vehicles (such as the Mustang Mach-E, the F-150 Lightning, and the E-Transit electric van) entirely online. From Ford's perspective, this is a logical move, because (as The Wall Street Journal reports), it costs Ford about $2,000 more to sell a truck via its dealer network than it does when that same truck is sold directly to the consumer.
Ford (F) announces the removal of buyout options at the end-of-lease period for all its EVs. The changes to its lease policy will support its EV battery recycling and materials.